Finance job numbers down 61.2% compared to last year
According to the latest job market data from CV-Library, the UK’s leading independent job board, the amount of finance jobs being advertised fell by 61.2% in July, when comparing data with a year ago. Despite this, there were 25.7% more vacancies up for grabs than there were in June; suggesting that the job market is slowly picking back up.
The job board analysed data from its site throughout the month of July and compared the findings with data from July 2019 and June 2020 to build an understanding of how the UK job market is fairing right now.
It reveals that applications to these roles have increased by 17.9% year-on-year and 18.5% month-on-month; causing the application to job ratio to soar by a massive 204% since last year.
Lee Biggins, founder and CEO of CV-Library, comments on the findings: “Demand for jobs is still outstripping supply and this will be a trend that we’ll continue to see for some time. Naturally, the summer months tend to be a quieter time for both recruitment and job searching. However, the fact that our economy is struggling means there are less opportunities up for grabs than normal and more people looking for work; not an ideal combination.”
Interestingly, despite there being less jobs available, average pay actually rose by 5.5% year-on-year; from £35,532 in July 2019, to £37,484 in July 2020. Despite this, average salaries did drop 2.2% month-on-month.
Biggins continues: “While it’s a promising sign that salaries are higher than they were a year ago, the month-on-month dip in pay for new jobs does suggest that companies are starting to make difficult decisions about their workforce. Candidates may well expect to take a pay cut during an economic downturn, but be prepared to have difficult conversations with applicants who may be expecting more than you can offer right now.”